Year: 2025

Understanding the TDS rates applicable for different transactions as well as recipients is crucial for compliance with tax laws. Further, timely deduction and deposit of TDS help avoid penalties and interest charges. Whether you are a business owner, salaried individual, or investor, staying updated with TDS provisions ensures smooth financial…

The Income Tax Act provides certain exemptions on sale of house property having long term gains. These exemptions are provided under Section 54 and Section 54EC. Section 54:Section 54 gives relief to a taxpayer who sells his residential house and from the sale proceeds he acquires another residential house. Further,…

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The Union Budget 2025, presented by Finance Minister Nirmala Sitharaman, introduces significant reforms aimed at easing the tax burden on individuals, especially the middle class, and simplifying tax compliance for … Union Budget 2025: Major Tax Updates You Should Know Read More » The post Union Budget 2025: Major Tax…

Old Tax Regime (FY 2022-23, FY 2023-24 and FY 2024-25) New Tax Regime Income Tax Slabs Below 60 years Between 60-80 years Above 80 years FY 2022-23 FY 2023-24 FY 2024-25 Up to ₹2,50,000 NIL NIL NIL NIL NIL NIL ₹2,50,001 – ₹3,00,000 5% NIL NIL 5% NIL NIL ₹3,00,001…

192 Payment of salary Resident, Non-Resident Basic exemption limit of employee Normal Slab Rates 192A Premature withdrawal from EPF Resident, Non-Resident 50,000 10% (if PAN is furnished). 20% (if PAN is not furnished – Budget 2023) 193 Interest on securities Resident Debentures- 5,000 8% Savings (Taxable) Bonds 2003 or 7.75%…

After the issue of this Rule, there was still confusion regarding the order of utilising of ITC after it has been utilised for IGST liability. Therefore, the clarification to the said circular was issued on 23.04.2019, which is as follows: As per the Circular No: 98/17/2019 dated 23 April 2019,…

Assessee is having a single business or professionParvati is a fashion designer and runs a boutique and has earning of Rs. 10,00,000 for FY 2024-2025. Further, to run the boutique, she has the following expenses:Salary to staff: Rs. 2,00,000Rent of boutique: Rs. 1,50,000Travel expenses: Rs. 1,00,000Repair and maintenance of machine:…

TDS on payments from Life insurance policies (Section 194DA): There is a reduction of TDS rate on payments from life insurance policies from 5% to 2%.  TDS on commission on sale of lottery tickets (Section 194G): There is also a reduction in TDS rate on commissions from lottery ticket sales. The new…

The comparison of old and new tax regime will help you in understanding the implications on your tax liability. The Union Budget, 2020 introduced a new tax regime with lower … Comparison of Old & New Tax Regime: All You Need To Know Read More » The post Comparison of…